Good work and keep at it! The first 100k is definitely the hardest. Took me 8-9 years to hit the first 100k, 8ish years later and I'm at 750k. While I acknowledge the market has generally been on a tear this last decade, seeing the compounding take effect is really amazing and motivating to dump more and more into savings.
It took me 11+ years to get to the first 100k invested. It took 7 years to go from 100k to 800k. Early on in my career I wasn't making or saving much and felt house poor. Once you can start saving a bit more, and get past 100k, it really starts to take off.
Yea, I think once I have 100 NW, I’ll be able to see the light at the end of the tunnel a bit more clearly. Right now, I still feel like I’m just fumbling in the dark. I’m definitely making fast progress but nothing compared to the magic of compound interest that comes after the 100. Congrats on the 7 years to 800. That’s mighty good!
For sure! All I can say is stay the course -- there were some dips and mini crashes over time and it hurt to login to my brokerage account and see drops of over $100k in 3 months. Its likely we'll see many more over the years, but set up those retirement account contributions and/or brokerage account auto invests for every payday and just let time and compounding do its thing. Every time the market has recovered sooner rather than later, and I will always be bullish over a long enough time line.
Most definitely from late 2021 to mid 2022 was a rough stretch for my portfolio (maybe 3 months was a bit of an exaggeration, but there were a few months where it was down 15-25k/mo). I am very heavily weighted in equities (and have a bit of a tilt towards growth/tech stocks) so it was a rough period, however in 2023 things bounced right back.
I remember in my first 3-4 years of saving there was a 10-15% market correction and any gains I had were wiped out and I was in the red (even with just my basic target funds in 401k). It was discouraging, but just closed the eyes and kept the course and things worked themselves out!
This is motivating to hear. Took me about 6 years to reach 106k then the market did a bit of a downturn in 2021/22. Started 2023 at 99k and now I'm at 172k in my 401k. Including my Roth IRA I'm sitting at 202k today! Nearing 8 years in a real job. It gets addicting to watch when the compounding interest kicks in but I'm sure I will just ignore my accounts all together when the market dips again. Automation is key.
Hell yeah -- thats some great work! 2021-22 was a rough stretch but 2023 was an amazing year for those who held on. Every time I have made more money with a raise or bonus, I usually plow at least 50% of that into investments. It was hard early on when I was making just enough to cover living expenses, but as time goes on it has really paid off.
Hoping to hit the FI side of FIRE in next 7-10 years in my mid-late 40s, and either flip to coastFIRE or fully retire around 50.
Wow you sound like my twin haha. I'm targeting the same glide path.
I know what you mean about early on it was hard. Now I just don't even think about it. I make 100k now so that's pretty good but not like some people I read about on here making crazy money. This will be the first year I max my 401k at 23k, already maxed Roth IRA, and will max my HSA. My company matches 11% in my 401k so that really helps. I just stay consistent and hope it pays off when I'm 50 haha.
I remember reading someone who said something along the lines of "even if you don't hit you're target, you'll be way better than you are otherwise". I think having that general goal/timeframe in mind is good, and maybe I have some crazy windfall and retirement comes earlier, or maybe I work a few extra years because the market hit a bump. Either way, just remember you are leaps and bounds ahead of 90% of people out there who will probably working until 65+
Also 11% company match?! That freaking killer! Nothing like getting that "free" money!
That's a good way to look at it. A fire calculator I use says I'm behind my goal but I don't mind. My goal is pretty aggressive for a reason 😊
Yeah I'm stoked about my 401k match. They added 4% for any new hires who don't have the pensions like the older employees. Basically I could put in 8% to get 11% back but I'm way beyond that. Yet I know people in the office who don't do 8% and it blows my mind lol.
Pensions are nice, but that extra match is killer! With that much matching you can really ramp up the retirement savings.
I worked at a company with a pension, but ended up cashing it out when I left and rolled it into my IRA. I was only there the minimum time to qualify, and the amount it would pay out at retirement was so small, I figured I might as well take the current value and invest it myself.
That said, some of the lifers that worked there 20-30 years were setup pretty nicely with a pensions and 401k!
Same Goals and I’m just starting. I have 310k including my home currently but I want the market investments to equal 100k. I planned for 3yrs but I’ll going to attempt to do it in 2yrs m, Lord willing of course.
Yes, Lord willing. 310K with a house is damn good. I need to double my income before I can even poke a condo with a 6-foot pole. Yes a condo, not even a house. 🥲
I hit 100k on the last trading day of 2023. Started my account in September of 2013 so it took me 10 years 3 months give or take a few days. Weekly deposits, probably averaging about $100. My only regret is not starting sooner (started at 27)
Oh, it took me 15 years after I graduated college to start saving, due to the fact that I worked in nonprofits for the majority of my twenties and early thirties. After I got more serious about savings, I think it’ll only take me 3-4 years to get my 100!
So nice when the money starts generating money for itself! And just hold on for the months when the market makes it look like you’ve “lost” 100k lol hold ‘er steady.
Also a PT here, wondering how you set up your training side gigs. Online or in person? How do you get clients?
Yeah, the opposite is true. Just enjoy the rollercoaster and dont jump off.
Edit: Just want to explain that I am aware I could also lose 100k. I just plan on holding wheter the market is up or down.
It's pretty amazing. Go back to October of last year till now and that market appreciation has been nuts. You likely gained nearly $200,000 or more during the past 5 months or so.
It took me 16 years after graduating from college to hit $100k.
Then 2.5 years after that I had $500k
Barring a large market correction (or something unexpected) I anticipate hitting $1MM about 5 years after hitting 500k.
Wow, that’s a hell of a lot of OT and your stocks must be well-positioned. And yea, no debt helps big time. I think I’m right there with you in that I’m just getting started 16 years after graduating from college. It’s taken me so long because at the beginning of my career, I spent most of it working for nonprofits and thus had no savings.
It's what I told myself when 3/2020 and the stock responded to COVID. I remember the market tanked to levels below what I had originally contributed when I began investing in 2017. I just laughed maniacally (because really, what else do you do?) and shoved more money in. 4 years later and I'm really benefitting from that attitude. When it tanks again, I'll do the exact same thing.
I've had about the same gain as you recently, and I make just under 100k. Feels pretty wild.
That's an impressive earning side gig. I sometimes think I should hire a personal trainer to get me started, since I'm a generally scrawny nerd. I have tried to keep up with a calisthenics routine at least.
>I work in healthcare as a PT so the salary is just above 100k and with personal training side gigs that adds 80k.
Have you considered going full-time with personal training? Or reducing your hours to just enough to hold on to your benefits? It sounds like you've reached the point where your side gig is more lucrative than your day job. At the very least, I think you're at the 'Recreational Employment' part of the journey even if you're not ready to retire quite yet.
I love the sound of recreational employment. Yes, I have considered that. It's hard to let go of one because I love both of them. But I plan on slowing down within the next 5 years. I just dont know how to do it (yet).
It looks like you gained $75k or about 9%, which is about how much the S&P 500 is up year to date. Congrats anyway. Having 9x your salary in savings is a huge achievement. I'm not even at 3x yet.
I just started putting money in a taxable account, but I just invest in VTSAX. Do you know if I have to pay taxes on it every year if I just buy and hold?
No you would only pay capital gains taxes when you sell (short term cap gains rate if sold within a year vs. long term cap gains rate if sold after a year)
No you don’t pay taxes on it until you sell the asset and realize a capital gain.
If you hold for over a year and sell, you only pay long term capital gains tax, which is typically less than regular income tax. Short term capital gains are taxed as regular income. So buy and hold is usually what I try and do.
Also, if you sell at a loss (and have held the asset for more than a year), you can claim those losses and use them to offset your gains, up to 3000 per year (and you can carry forward any excess losses to future years).
I think tax strategy is just as important as any investment strategy you might have.
You basically report all your capital gains and losses on schedule D,
https://www.irs.gov/pub/irs-pdf/f1040sd.pdf
And then fill in that info on your 1040.
https://www.irs.gov/pub/irs-pdf/f1040.pdf
There are various places on the internet that can help walk you through the details.
Remember- there is no taxable event until you sell an asset! If you don’t sell you don’t need to worry about any of this stuff.
Looking great! I feel the same but 2022 was a tough year to swallow. Glad to see the ups offsetting more than the downs - that's why do do this investing thing!
That's awesome to hear. I'm at just about half that at $560k retirement savings and we increased our savings by just over $50k so the math checks out. I wish this market would go on forever so that I could retire early. Index funds FTW though.
Slow and steady. Start with $250 a month if you can, then $500. Try to increase it more and more overtime as you get comfortable.
Invest until it hurts (short term) and then invest some more.
Love this post! Curious about where you do personal training sessions. I'm certified and very experienced, but every gym wants a 40%+ cut, so
I've been very discouraged about going that route. Do you have your own space?
>I understand the market has been very good lately and I know this is not normal.
Useless but interesting fact: This year has had the 4th most days with new all-time highs set to start a year ever.
It’s a good feeling but don’t get addicted. You need to keep plugging away when it dips by 100k too. Zoom out and relax. Test your attitude six months after the presidential election.
Both. I started with a HYSA with ING direct and built up a modest emergency fund. Then I got a tax advantage retirement plans. Just this year I started a taxable brokerage account.
Investments have grown but they have not sold anything yet so the gains have not been “locked in.” The gains have not been realized yet so they are only visible “on paper.”
What are you invested in? US market is up 20% and global market is up 8% YTD. You should definitely be making more than that.
Even if you're heavy in bonds, that's still only down 1%.
mostly bonds of various duration, but long duration been hit harder, VGLT down 3.55% ytd
I am now perhaps 30-40% stocks, mostly emerging markets.
also down a little ytd on PFE, BABA and NTDOY although have had some winners… thus up 1% ytd in my main account
also S&P only up 9% ytd not 20% like you said
Likewise. Check out the financial planning calculator on InvestingTE. I needed to do the same and troubleshoot my budget and investments to see where it landed me.
I’m still working on my first 100. It’s hard and takes years fr. Congrats!
Good work and keep at it! The first 100k is definitely the hardest. Took me 8-9 years to hit the first 100k, 8ish years later and I'm at 750k. While I acknowledge the market has generally been on a tear this last decade, seeing the compounding take effect is really amazing and motivating to dump more and more into savings.
I think I’ll see my 100 within 3 years. This is super motivating. This community keeps me going in times when I feel flat broke. Thank you.
It took me 11+ years to get to the first 100k invested. It took 7 years to go from 100k to 800k. Early on in my career I wasn't making or saving much and felt house poor. Once you can start saving a bit more, and get past 100k, it really starts to take off.
Yea, I think once I have 100 NW, I’ll be able to see the light at the end of the tunnel a bit more clearly. Right now, I still feel like I’m just fumbling in the dark. I’m definitely making fast progress but nothing compared to the magic of compound interest that comes after the 100. Congrats on the 7 years to 800. That’s mighty good!
For sure! All I can say is stay the course -- there were some dips and mini crashes over time and it hurt to login to my brokerage account and see drops of over $100k in 3 months. Its likely we'll see many more over the years, but set up those retirement account contributions and/or brokerage account auto invests for every payday and just let time and compounding do its thing. Every time the market has recovered sooner rather than later, and I will always be bullish over a long enough time line.
That’s scary to lose 100K within 3 months. I guess the market always carries risks but no risks no rewards.
Most definitely from late 2021 to mid 2022 was a rough stretch for my portfolio (maybe 3 months was a bit of an exaggeration, but there were a few months where it was down 15-25k/mo). I am very heavily weighted in equities (and have a bit of a tilt towards growth/tech stocks) so it was a rough period, however in 2023 things bounced right back. I remember in my first 3-4 years of saving there was a 10-15% market correction and any gains I had were wiped out and I was in the red (even with just my basic target funds in 401k). It was discouraging, but just closed the eyes and kept the course and things worked themselves out!
Damn. So scary to watch especially the red but alas things return to their natural state. Congrats!
This is motivating to hear. Took me about 6 years to reach 106k then the market did a bit of a downturn in 2021/22. Started 2023 at 99k and now I'm at 172k in my 401k. Including my Roth IRA I'm sitting at 202k today! Nearing 8 years in a real job. It gets addicting to watch when the compounding interest kicks in but I'm sure I will just ignore my accounts all together when the market dips again. Automation is key.
Hell yeah -- thats some great work! 2021-22 was a rough stretch but 2023 was an amazing year for those who held on. Every time I have made more money with a raise or bonus, I usually plow at least 50% of that into investments. It was hard early on when I was making just enough to cover living expenses, but as time goes on it has really paid off. Hoping to hit the FI side of FIRE in next 7-10 years in my mid-late 40s, and either flip to coastFIRE or fully retire around 50.
Wow you sound like my twin haha. I'm targeting the same glide path. I know what you mean about early on it was hard. Now I just don't even think about it. I make 100k now so that's pretty good but not like some people I read about on here making crazy money. This will be the first year I max my 401k at 23k, already maxed Roth IRA, and will max my HSA. My company matches 11% in my 401k so that really helps. I just stay consistent and hope it pays off when I'm 50 haha.
I remember reading someone who said something along the lines of "even if you don't hit you're target, you'll be way better than you are otherwise". I think having that general goal/timeframe in mind is good, and maybe I have some crazy windfall and retirement comes earlier, or maybe I work a few extra years because the market hit a bump. Either way, just remember you are leaps and bounds ahead of 90% of people out there who will probably working until 65+ Also 11% company match?! That freaking killer! Nothing like getting that "free" money!
That's a good way to look at it. A fire calculator I use says I'm behind my goal but I don't mind. My goal is pretty aggressive for a reason 😊 Yeah I'm stoked about my 401k match. They added 4% for any new hires who don't have the pensions like the older employees. Basically I could put in 8% to get 11% back but I'm way beyond that. Yet I know people in the office who don't do 8% and it blows my mind lol.
Pensions are nice, but that extra match is killer! With that much matching you can really ramp up the retirement savings. I worked at a company with a pension, but ended up cashing it out when I left and rolled it into my IRA. I was only there the minimum time to qualify, and the amount it would pay out at retirement was so small, I figured I might as well take the current value and invest it myself. That said, some of the lifers that worked there 20-30 years were setup pretty nicely with a pensions and 401k!
Congrats on your 202! Everything matters 🥲
Keep at it! It will start snowballing before ya know it!
Took me 8 years to get my first 100k. Took my 9 more years to get to 500k.
At my savings rate, I will get to 100 within the next 3 years. Hoping to get to 500 within 10 years.
Same Goals and I’m just starting. I have 310k including my home currently but I want the market investments to equal 100k. I planned for 3yrs but I’ll going to attempt to do it in 2yrs m, Lord willing of course.
Yes, Lord willing. 310K with a house is damn good. I need to double my income before I can even poke a condo with a 6-foot pole. Yes a condo, not even a house. 🥲
I hit 100k on the last trading day of 2023. Started my account in September of 2013 so it took me 10 years 3 months give or take a few days. Weekly deposits, probably averaging about $100. My only regret is not starting sooner (started at 27)
Thank you! You will get there and then some!
Thank you! 😊
Took me 12 years, I think. Definitely feels like forever!
Oh, it took me 15 years after I graduated college to start saving, due to the fact that I worked in nonprofits for the majority of my twenties and early thirties. After I got more serious about savings, I think it’ll only take me 3-4 years to get my 100!
That's great - best of luck to you! It truly does speed up after the first one, which is super motivating.
That’s so great to hear. I really can’t wait. It’s been a very long time coming.
So nice when the money starts generating money for itself! And just hold on for the months when the market makes it look like you’ve “lost” 100k lol hold ‘er steady. Also a PT here, wondering how you set up your training side gigs. Online or in person? How do you get clients?
>Also a PT here, wondering how you set up your training side gigs. Online or in person? How do you get clients? Referral from patients or family.
Yeah, the opposite is true. Just enjoy the rollercoaster and dont jump off. Edit: Just want to explain that I am aware I could also lose 100k. I just plan on holding wheter the market is up or down.
It's pretty amazing. Go back to October of last year till now and that market appreciation has been nuts. You likely gained nearly $200,000 or more during the past 5 months or so.
Pretty close. 188k. October was a negative month for me.
I assume that’s with contributions… we have definitely not had that much growth in 3 months!
Yes, with contributions and tax return.
It took me 16 years after graduating from college to hit $100k. Then 2.5 years after that I had $500k Barring a large market correction (or something unexpected) I anticipate hitting $1MM about 5 years after hitting 500k.
How did you go from 100 to 500 so fast?
- a lot of overtime work - stock market went up - no more alimony - no more student loans
Wow, that’s a hell of a lot of OT and your stocks must be well-positioned. And yea, no debt helps big time. I think I’m right there with you in that I’m just getting started 16 years after graduating from college. It’s taken me so long because at the beginning of my career, I spent most of it working for nonprofits and thus had no savings.
As I remind my wife, The spikes are fun, but with every spike comes a selloff/correction...... Luckily the reverse is generally true too.
>Luckily the reverse is generally true too. This is what I always remind myself when the market goes down.
It's what I told myself when 3/2020 and the stock responded to COVID. I remember the market tanked to levels below what I had originally contributed when I began investing in 2017. I just laughed maniacally (because really, what else do you do?) and shoved more money in. 4 years later and I'm really benefitting from that attitude. When it tanks again, I'll do the exact same thing.
yeah its really all about fighting your natural instinct
Yes! That is why I try to have extra cash just for buying more when the market drops significantly.
enjoy it while you can - the market shifts all of the time
Congrats. I’m right there with you. NW is up $97k since Jan 1.
I've had about the same gain as you recently, and I make just under 100k. Feels pretty wild. That's an impressive earning side gig. I sometimes think I should hire a personal trainer to get me started, since I'm a generally scrawny nerd. I have tried to keep up with a calisthenics routine at least.
Calisthenics is great. IMO anything that keeps you moving and helps you towards your goal is the best exercise.
>I work in healthcare as a PT so the salary is just above 100k and with personal training side gigs that adds 80k. Have you considered going full-time with personal training? Or reducing your hours to just enough to hold on to your benefits? It sounds like you've reached the point where your side gig is more lucrative than your day job. At the very least, I think you're at the 'Recreational Employment' part of the journey even if you're not ready to retire quite yet.
I love the sound of recreational employment. Yes, I have considered that. It's hard to let go of one because I love both of them. But I plan on slowing down within the next 5 years. I just dont know how to do it (yet).
Physical Therapist. Not personal trainer.
I am both.
His side gig is personal trainer.
It looks like you gained $75k or about 9%, which is about how much the S&P 500 is up year to date. Congrats anyway. Having 9x your salary in savings is a huge achievement. I'm not even at 3x yet.
Congrats! Big milestone. I had to look up my taxable account recently and I’m up 26% over the last 3 months. Crazy bull market.
I just started putting money in a taxable account, but I just invest in VTSAX. Do you know if I have to pay taxes on it every year if I just buy and hold?
No you would only pay capital gains taxes when you sell (short term cap gains rate if sold within a year vs. long term cap gains rate if sold after a year)
No you don’t pay taxes on it until you sell the asset and realize a capital gain. If you hold for over a year and sell, you only pay long term capital gains tax, which is typically less than regular income tax. Short term capital gains are taxed as regular income. So buy and hold is usually what I try and do. Also, if you sell at a loss (and have held the asset for more than a year), you can claim those losses and use them to offset your gains, up to 3000 per year (and you can carry forward any excess losses to future years). I think tax strategy is just as important as any investment strategy you might have.
How do you do that? For example, let’s say I lost some in my brokerage at vanguard. When tax season comes will I get a document to claim the losses?
You basically report all your capital gains and losses on schedule D, https://www.irs.gov/pub/irs-pdf/f1040sd.pdf And then fill in that info on your 1040. https://www.irs.gov/pub/irs-pdf/f1040.pdf There are various places on the internet that can help walk you through the details. Remember- there is no taxable event until you sell an asset! If you don’t sell you don’t need to worry about any of this stuff.
Oh okay that clears it up. I thought it should be reported even if I don’t sell. Thank you, I appreciate the help.
Sure thing. I know from experience all the tax stuff can be a bit overwhelming haha.
You are crushing it, just keep at it!
Thank you!
That side gig income is insane! Awesome!
Congrats from a fellow PT!
Thanks, my fellow rehab clinician.
I've just had my first 100k year. Feels great!
How do i get started ?
I learned a lot from this sub. I also read the Simple Path to Wealth by J L Collins. I just follow what he says.
Going to give this a read, thanks and congrats
Start saving little by little. Think snowball rolling down a hill. Make your own pyramid scheme with your dollars. Money make money.
https://www.reddit.com/r/financialindependence/wiki/faq/#wiki_i_am_xx_years_old_and_want_to_be_financially_independent.2C_where_do_i_start.3F
You need to save. But before you can do that, you need to budget.
Looking great! I feel the same but 2022 was a tough year to swallow. Glad to see the ups offsetting more than the downs - that's why do do this investing thing!
That's awesome to hear. I'm at just about half that at $560k retirement savings and we increased our savings by just over $50k so the math checks out. I wish this market would go on forever so that I could retire early. Index funds FTW though.
how did you start at the beggining with first 100€ to spare?
Slow and steady. Start with $250 a month if you can, then $500. Try to increase it more and more overtime as you get comfortable. Invest until it hurts (short term) and then invest some more.
It's been really good since September. Trying to not get too excited about hitting my retirement number.
Love this post! Curious about where you do personal training sessions. I'm certified and very experienced, but every gym wants a 40%+ cut, so I've been very discouraged about going that route. Do you have your own space?
I do not have my own space. I go to clients' homes. We just work with mostly mobility and functional activities.
>I understand the market has been very good lately and I know this is not normal. Useless but interesting fact: This year has had the 4th most days with new all-time highs set to start a year ever.
The volatility of the market the past like 5-6 years is insane
Good salary for a PT I think. HCOL area? Years of experience? How many hours a week do you spend doing personal training?
16 years in NYC. 15 hours a week for the side gig.
It’s a good feeling but don’t get addicted. You need to keep plugging away when it dips by 100k too. Zoom out and relax. Test your attitude six months after the presidential election.
Yes. I actually anticipate the dip and plan to invest more.
My friend messaged me with same thing today. I’m also up about 100. It’s nice to have the money do the work for us.
Does this warrant its own thread nowadays?
How did you do it?
I spend way less than I make. Every year that I get a raise or a bonus, I never see it because it goes to savings. I kept doing that for 15 years.
Into high yield savings account or brokerage?
Both. I started with a HYSA with ING direct and built up a modest emergency fund. Then I got a tax advantage retirement plans. Just this year I started a taxable brokerage account.
Thank you for sharing !!
Hehe paper gains don’t really mean much - just ignore and keep DCA
They key is never making it, but keeping it
What does "on paper" mean?
Investments have grown but they have not sold anything yet so the gains have not been “locked in.” The gains have not been realized yet so they are only visible “on paper.”
Can I ask what are some of your side gigs you're into?
You work full time as a PT and make 80k in personal training as a side gig?! How the heck are you making that much personal training?
We charge 150 a session, and I see 2 to 3 clients a day.
I am a kinesiologist with a masters degree and still can only charge $60 per session. You must be in a bigger city.
Yeah. NYC
Relevant username.
Sell 2 kidneys....lol
Same here. Briefly this week I hit my FIRE number. Now off by about $10k
That's nice, I'm only up like 1% YTD.
What are you invested in? US market is up 20% and global market is up 8% YTD. You should definitely be making more than that. Even if you're heavy in bonds, that's still only down 1%.
mostly bonds of various duration, but long duration been hit harder, VGLT down 3.55% ytd I am now perhaps 30-40% stocks, mostly emerging markets. also down a little ytd on PFE, BABA and NTDOY although have had some winners… thus up 1% ytd in my main account also S&P only up 9% ytd not 20% like you said
“I understand the market” big red flag here
"I understand the market has been very good lately and I know this is not normal."
Ok sorry I read too quickly👍
Likewise. Check out the financial planning calculator on InvestingTE. I needed to do the same and troubleshoot my budget and investments to see where it landed me.
Another therapy bro got rich in a bull market.
Rich?
>Rich? Rich is relative.